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10 things you need to analyse before buying a health insurance December 18 2020Health Insurance Policies, COVID-19,Mediclaim

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Top 10 Things to Know Before Buying a Health Insurance Policy

Health insurance policies were always a thing which gained humans interest even before COVID-19. Amidst the spread of pandemic all over the world, people have started thinking critically to opt for a health insurance policy. Health issues are very common to every human. Every human has to face some sort of illness or mishap once in their life. Health care facilities have become expensive and can sting you hard financially. To get your self-covered, health insurance policies are a go to option. 

But before buying a policy, here are certain points you need to keep in mind.

1 Choosing the right amount of premiums

When choosing a health insurance package, the sum should be chosen carefully since it covers medical costs for one year. Taking your age into account; the younger you are the lower the insured amount you need. One should also look at his or her income level in order to analyse the affordable premium. Add-ons are also vital in terms of their effect on premium numbers.

2 Method of claim

The claim process should be easy. The smoother the claims process and the quicker the claims are settled, the easier it is for the insured. These two are also main considerations when it comes to policy selection. Strong customer service is an added benefit that should be looked up while choosing a policy.

3 Family health insurance

When buying health insurance policies, make sure you keep your family members and their age in mind. Before buying insurance, consider their current conditions, if any, as well as the medical history of the family. In addition, before purchasing a policy, consult with your family members for any pre-existing diseases.

Research Study Archives - Medically Home

4 Cumulative Bonus

Cumulative bonus applies to the increase in the amount insured if no claim has been made against the policy in previous years. This balance is added to the amount covered at the time of the renewal of the policy. Clarifying this point before finalising the policy will be beneficial.

5 Renewal for Lifetime

Look for health policies that promise life-long renewability. There is a greater risk of suffering from sickness and illness when you're old compared to when you're young—a health program that promises life-long renewal is what you should buy.

6 Benefits of motherhood

With medical costs on the rise, the cost of pregnancy has also skyrocketed . It is important for women to purchase a health insurance scheme that includes maternity benefits. In the case of maternity benefits, consideration should be given to the waiting time for maternity allowances to be claimed and to the sub-limit. The regulation should also include outpatient and policy-related exclusions.

7 Network Hospital

Cashless network of hospitals should always be reviewed with the insurance provider. At the time of medical emergency or hospitalisation, the hospitals in the network give cashless options—the insurer settles medical bills directly with the insurer. Go to insurers with a high number of network hospitals.

8 Clause for the Waiting Time

If you are aware of the waiting period clause, you will be in a better position to make a decision before buying insurance policy. During this time, the insurer will not consider any claims resulting from pre-existing illnesses or specific illnesses. And it can vary from 24 months to 48 months depending on the insurer and the package you have selected. In addition, you will only be eligible to demand the benefits after this time is over.

This waiting period extends to pre-existing conditions such as thyroid, blood pressure, diabetes, etc. that one might have until purchasing a policy. It is also applicable to many particular treatments and disorders such as arthritis, varicose veins, cataracts, etc. So, you can compare and select a package that comes with a minimal waiting time so that you can receive benefits in the circumstance of a health emergency.

9 Pre-and post- hospitalisation coverage

Many insurance benefits cover medical costs incurred while hospitalisation. Buy a package that includes pre-hospital and post-hospital costs as well as expenses incurred for ambulance charges, medical tests, medications, medical fees, etc.

10 Clause for co-payment

Many people find this word confusing and prefer to disregard it at the time of purchase. It is simply the proportion of the amount that you will have to pay at the time of the claim, and the remainder would be paid by the insurer. So before you sign your mediclaim policy check, if there is some co-payment provision that may have an effect on your claim amount. Buy a package that does not have sub-limits if possible.

Once you’ve analysed all these critical points before opting for a policy, you’ll probably choose the correct one.

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